Calibrate

Calibrate is a telehealth weight-loss company whose core offering is a program it calls the Metabolic Reset, built around clinician-prescribed GLP-1 and GIP/GLP-1 medications (including tirzepatide, semaglutide and dulaglutide, marketed under names such as Zepbound, Wegovy, Ozempic, Mounjaro and Foundayo) combined with 1:1 video coaching and a science-based reading curriculum delivered through the Calibrate app. Onboarding runs through an eligibility quiz, a comprehensive health intake form, an initial coaching session, lab blood work, and a first virtual appointment with a Calibrate clinician within roughly the first two weeks. The program is then structured into stages over the first year — learning (months 0-3), practicing (3-6), setting and reinforcing (6-9), and sustaining (9+) — with biweekly coaching sessions, biweekly goals, and one to two lessons per week covering food, exercise, sleep and emotional health. Members must commit for a minimum of three months and can cancel penalty-free after that if the program is not working for them.

The company frames obesity as a matter of underlying metabolic biology rather than willpower or calorie restriction, and positions its curriculum and coaching as differentiating it from providers that only supply prescriptions. Calibrate also operates an insurance-navigation team to help members obtain an initial GLP-1 prescription at a stated typical cost of about $25 per month or less after any deductible, and has described a proprietary integrated vertical pharmacy engine to help members access drugs such as Wegovy. Eligibility criteria for employer-sponsored members include being at least 18 years old, enrollment in the company group health plan, and a BMI of 30 or above, or 27 or above with one or more metabolic conditions.

Calibrate launched in 2020, raised roughly $127 million by the end of 2021 including a $100 million Series B, and then encountered operational difficulties: it was unable to raise further equity in 2022, borrowed from Madryn Asset Management beginning in November 2022, defaulted on loan terms at least once in 2023, and in October 2023 executed a restructuring in which Madryn exchanged $20 million of its loans for a 70% senior equity stake. Founder and CEO Isabelle Kenyon stepped down as part of that restructuring.

Founding story

Calibrate was launched in 2020 by founder and CEO Isabelle Kenyon, who framed its first year as proving that investing in preventative care produces measurable outcomes, and its mission as addressing the stigma around obesity, which the American Medical Association categorised as a chronic disease in 2014.

Business model

Calibrate sells a subscription membership that bundles clinician care, prescription GLP-1 medication management, 1:1 coaching and an educational curriculum. It runs both a direct-to-consumer channel, with memberships advertised from $199 per month and monthly payment options, and an enterprise channel in which employers cover the cost of the program for employees and their dependents enrolled in the company group health plan. Medication itself is obtained through insurance with the help of Calibrate's insurance-navigation team.

Recurring monthly membership fees starting at $199 per month paid by individual consumers, plus employer-funded coverage of the program for employees and dependents. Direct-to-consumer revenue has been materially affected by refunds; in March 2023 refunds of nearly $2.6 million consumed almost 60% of that month's direct-to-consumer sales.

Traction

Calibrate reports average member weight loss of 16% of body weight at 12 months, 18% at 24 months and 20% at 36 months per its Results Report, and states that eight out of ten members find it more effective than other programs they have tried, with a 4.5 average rating across 1,618 reviews. At the time of its 2021 Series B the company reported an average annual body weight loss of 14% against a 10% goal. It says it has helped tens of thousands of members access affordable GLP-1s. In 2023 the company issued large member refunds and reduced headcount, with more than a dozen health coaches indicating departures in October 2023.

Latest developments

The October 2023 restructuring transferred majority ownership to Madryn Asset Management and led to the departure of founder-CEO Isabelle Kenyon and staff reductions, including health coaches. The consumer program continues to be marketed with memberships from $199 per month, monthly payment flexibility, an employer coverage channel, and prescribing of medications including Zepbound, Wegovy and Foundayo.